Lufthansa Cargo Satisfied With First Quarter 2001

Operating profit of 8 million euros
Lufthansa Cargo AG posted an operating profit of close to 8 million euros in the first quarter of 2001. This is 27 million euros less than the figure in the first three months of last year which was, however, the most successful yet in company history. 
First-quarter revenues rose on the year-earlier level by 47.9 million euros to 602.3 million euros, representing an increase of 8.6 per cent. Of the total, traffic revenue amounted to 597 million euros, which is 46.4 million euros or 8.4 per cent more than in the first three months last time.  In view of the world economic slowdown in recent months and high price rates for crude oil, Lufthansa Cargo is satisfied with the first-quarter performance, not least because results in the first three months are generally not all that representative of developments over the full cargo year. Experience has shown that performance in the airfreight business is not definitively decided until the final months of the year. 

“We are facing the year 2001 with a positive outlook,” said Walter N. Gehl, Lufthansa Cargo Executive Board Member Human Resources and Finance, at the annual press conference in Mainz. “Since Lufthansa Cargo is pursuing a long-term growth strategy, and has geared its processes and structure to that end, we are expecting good albeit somewhat restrained growth this year.” Major factors in that perspective are the subdued economic forecasts, oil price levels and exchange rate developments.

Lufthansa Cargo will press firmly ahead with its investment policy in 2001 and focus on its e-business activities, said Walter N.Gehl. As in previous years, it will inject between four and five per cent of revenues - more than virtually any other airfreight company - into information technology.